BP FORMS BP ALTERNATIVE ENERGY

BP today announced that it plans to double its investment in alternative and renewable energies to create a new low-carbon power business with the growth potential to deliver revenues of around $6 billion a year within the next decade.

Building on the success of BP Solar – which expects to hit revenues of $1 billion in 2008 – BP Alternative Energy will manage an investment programme in solar, wind, hydrogen and combined-cycle-gas-turbine (CCGT) power generation, which could amount to $8 billion over the next ten years.

Investment in hydrogen fuels will include the world’s first commercial project at Peterhead, in Scotland – to turn natural gas into hydrogen by stripping out carbon dioxide and pumping it into depleted oil reservoirs.

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